"Dhib" records hit historic low amid pricing efforts

The Deeb Car Rental Company’s stock recorded a new historic low near the 20.05 riyals level, amid clear dominance of the downtrend and ongoing selling pressure that has led to a deterioration in its technical performance, after breaking through key support levels starting from 29.95 riyals. Technical analysis indicates that the bearish trend will continue in the absence of buying forces that could support an end to the decline, despite attempts to build a price base as it approaches a minor resistance at 20.62 riyals. The stock is expected to face resistance between 21.04 and 21.14 riyals. It is crucial for trading to stabilize above 23.65 riyals to achieve a positive turnaround; failure to do so could lead to a decline toward 19.44 riyals.

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